Signal International, Inc

Situation Signal International, Inc. and affiliated entities (Signal) is engaged in the business of offshore drilling rig overhaul, repair, upgrade, and conversion, as well as new shipbuilding construction.  Its operations are in Mobile, Alabama and Pascagoula, Mississippi.   Signal had liquidity constraints due in large part to a decline in oil and gas prices, resulting in a slowdown of drilling operations in the Gulf region.  In addition, Signal had incurred significant legal fees and expenses defending several pending litigations in New York, Texas and Louisiana. Signal filed for protection under Chapter 11 of the bankruptcy code in July 2015 in the hopes of being able to sell substantially all of the [...]

Lynx Chemical

Situation Lynx Chemical, a specialty chemical manufacturer, had one plant devoted to the carpeting industry and another to small batch specialty manufacturing for an assortment of other chemical companies.  As the result of selling a separate plant at a loss, coupled with changing economic conditions, the company feel into conflict with its lender and became considerably out of covenant on its ABI. Action In this case, GGG acted as both Director of Reorganization and Interim CFO.  However, due to mounting losses and a defaulted bank loan with a lender fatigued bank, Lynx filed for Chapter 11 under the U.S. Bankruptcy Code.  With GGG intervention, the lender and court approved a [...]

2017-11-25T16:25:00+00:00 Bankruptcy, Industrial|

C&C Technologies, Inc

Situation C&C Technologies (C&C) was the world’s largest privately owned Global Oil Sub-Sea Survey Services Company. Headquartered in Lafayette, LA, C&C serviced drilling operations across the globe, both on land and offshore. However, C&C’s expansion strained its infrastructure and working capital. Further growth in an asset-heavy environment, with complex projects located in increasingly remote locations, would require increased support. Action C&C engaged GGG to assess their business model and financial operations, with an eye toward restructuring and continued growth in the global market. With GGG’s support, the company developed a series of options regarding the future of its business. The company commenced a parallel restructuring effort while considering an offer [...]